Washington — During CUNA's Governmental Affairs Conference, the board of the National Federation of Community Development Credit Unions has come out firmly in favor of making funds from the Troubled Asset Relief Program available to struggling credit unions.
"We are concerned about the consequences of reduced net worth and return on assets (ROA) that would necessarily result from the measures that the National Credit Union Administration (NCUA) has proposed," said National Federation CEO Cliff Rosenthal.
In addition to giving credit unions access to TARP, the National Federation board also passed resolutions in favor of giving corporate credit unions direct access to the Central Liquidity Facility spreading share insurance premiums out for as long as eight years.
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